The major factors driving the growth of diagnostic imaging services market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases and growing awareness about early disease detection and the widening scope of clinical applications.
The diagnostic imaging services market is projected to reach USD 693.4 billion by 2024 from USD 539.7 billion in 2019, at a CAGR of 5.1%.
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Regional Growth and Demand Analysis:
North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
The growth of the North American market is primarily driven by the increasing geriatric population, high incidence/prevalence of various diseases, the large number of diagnostic imaging centers/procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region.
Diagnostic Imaging Services Market by End User:
2. Diagnostic Imaging Centers
3. Ambulatory Care Centers
4. Research & Academia
The hospitals segment held the largest share of the diagnostic imaging services market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve patient workflow efficiency in hospitals.
Applications of Diagnostic Imaging Services Market:
1. Obstetrics & Gynecology
1. Growing Preference for Outpatient Imaging Centers
2. Growing Adoption of Refurbished Diagnostic Imaging Systems
3. Increasing Adoption of Teleradiology
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Prominent players in the diagnostic imaging services market include RadNet, Inc (US), Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Medica Group (UK), Global Diagnostics (Australia), Healthcare Imaging Services Pty Ltd. (Australia), Concord Medical Services Holdings Limited (China), and Center for Diagnostic Imaging, Inc. (CDI) (US), among others.